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-   -   Buy or Lease? (http://www.jeepgarage.org/f216/buy-or-lease-62582.html)

gvsmitty19 07-09-2013 09:44 PM

Buy or Lease?
 
As we get super close to crunch time, are you planning on buying or leasing and why?

I wonder what the lease prices will run. Like $300ish/mo for a standard model?

providenceautos 07-12-2013 02:24 PM

Re: Buy or Lease?
 
Based on my experiences with leasing, I doubt it would be that low - but possibly if there is a promo rate available from Chrysler. JGC's lease a lot higher, of course they are a more expensive vehicle. With all of the excitement around the new Cherokee, I bet we don't see any lease promos right away.

Kenmac 08-02-2013 01:27 PM

Re: Buy or Lease?
 
Always purchase unless your company is paying for the lease.
You never have anything to show for the money when you lease.
There are so many pros and cons...
I'd rather take a higher payment per month and have it be mine in the end.
Just my 2 cents.

Zhe Wiz 08-02-2013 03:29 PM

Quote:

Originally Posted by Kenmac (Post 868875)
Always purchase unless your company is paying for the lease.
You never have anything to show for the money when you lease.
There are so many pros and cons...
I'd rather take a higher payment per month and have it be mine in the end.
Just my 2 cents.

Actually, it depends on how often you buy a new car. "Always" simply doesn't apply. The best move financially is to buy used and keep and fix it as long as possible. Next best is buy new and keep and fix it as long as possible. BUT if you're the type who switches to a new car every 3-5 years, you are TYPICALLY (depends on rates, residuals, miles, etc) better off leasing than buying. Leasing gets a bad rap, but it has its place.

Zhe Wiz

Kenmac 08-02-2013 03:50 PM

Re: Buy or Lease?
 
Quote:

Originally Posted by Zhe Wiz (Post 868912)
Actually, it depends on how often you buy a new car. "Always" simply doesn't apply. The best move financially is to buy used and keep and fix it as long as possible. Next best is buy new and keep and fix it as long as possible. BUT if you're the type who switches to a new car every 3-5 years, you are TYPICALLY (depends on rates, residuals, miles, etc) better off leasing than buying. Leasing gets a bad rap, but it has its place.

Zhe Wiz

Agreed!
"Always" wasn't the bet choice of words. :thumbsup:

CNY_WK2 08-02-2013 03:54 PM

Re: Buy or Lease?
 
Quote:

Originally Posted by Zhe Wiz (Post 868912)
Actually, it depends on how often you buy a new car. "Always" simply doesn't apply. The best move financially is to buy used and keep and fix it as long as possible. Next best is buy new and keep and fix it as long as possible. BUT if you're the type who switches to a new car every 3-5 years, you are TYPICALLY (depends on rates, residuals, miles, etc) better off leasing than buying. Leasing gets a bad rap, but it has its place.

Zhe Wiz

This is only my opinion:

To expand on this(I love new things), we got a 2012 Explorer on lease in 2011(first year of the new style) to assess whether we liked it or not since the need for a larger vehicle came about. This year, after the 2 year lease ran up, we ordered a 2013 Explorer, different model, color, etc.

It gave us a relative simple way to test the vehicle and not be stuck with it for long if it wasn't to our liking.

That said, I am going to lease my JGC and can almost bet I will buy it out after the lease term....however since the 3.0 diesel / 8 spd / etc is all new tech, I can always get the next model if things go south.

Zhe Wiz 08-02-2013 04:09 PM

Quote:

Originally Posted by CNY_WK2 (Post 868924)
To expand on this(I love new things), we got a 2012 Explorer on lease in 2011(first year of the new style) to assess whether we liked it or not since the need for a larger vehicle came about. This year, after the 2 year lease ran up, we ordered a 2013 Explorer, different model, color, etc.

It gave us a relative simple way to test the vehicle and not be stuck with it for long if it wasn't to our liking.

That said, I am going to lease my JGC and can almost bet I will buy it out after the lease term....however since the 3.0 diesel / 8 spd / etc is all new tech, I can always get the next model if things go south.

Good point. I'm actually "the kind" that likes a new car every three years or so, BUT I had planned on buying my next vehicle and keeping it for a while. My two top choices are the new Cherokee and Grand Cherokee, but the "cutting edge" factor scares me too. Scares me enough that I, like you, may lease one instead. I'm also leaning toward the diesel if I go GC, but don't have to make a choice until my Subie lease expires in April.

Zhe Wiz

jeep5.7 08-02-2013 05:20 PM

Re: Buy or Lease?
 
just so you know I got a 2014 with ally lease and my payments are 465.00 with no money outta pocket

vnbWK2 08-03-2013 11:03 PM

Quote:

Originally Posted by jeep5.7 (Post 868951)
just so you know I got a 2014 with ally lease and my payments are 465.00 with no money outta pocket

Which model (Laredo, Limited)? What are your lease terms (36 months, 36k miles)?

gvsmitty19 08-05-2013 10:29 AM

Re: Buy or Lease?
 
I'm leaning towards leasing one. This would be my first lease since I generally believe that buying used is by far the smartest thing to do.

First off, this is a first-gen model, and those are notorious for having problems/recalls and not holding their residual value as well as later year models.

Second, I like the way the entire auto industry is heading. Three years from now, we're going to have some very exciting technology and ridiculously high mpg, and I will probably want to be on board.

Jeep seems to have a lot of things in the works in the coming years, and I'm excited about mid size trucks coming out in 2014/2015 that will get 30+ mpg. The 2015 Chevy Colorado, for instance, looks very promising so far.

gvsmitty19 10-28-2013 12:42 PM

Re: Buy or Lease?
 
UPDATE:

Okay, I might have changed my mind after talking to my dealer.

With employee pricing, a 2014 Cherokee Latitude with no extras would cost approximately $279/mo with $3,000 down (10k mileage).

Seems like a huge rip off to me compared to similar priced Buick and GMC vehicles offering $199/mo with less money down.

Any thoughts?

macfan 10-28-2013 01:28 PM

Re: Buy or Lease?
 
Quote:

Originally Posted by gvsmitty19 (Post 919194)
UPDATE:

Okay, I might have changed my mind after talking to my dealer.

With employee pricing, a 2014 Cherokee Latitude with no extras would cost approximately $279/mo with $3,000 down (10k mileage).

Seems like a huge rip off to me compared to similar priced Buick and GMC vehicles offering $199/mo with less money down.

Any thoughts?

The reason the Cherokee lease is more is that the Cherokee is worth more at the end of the lease then GM vehicles. Jeeps have high reseal value. GM (junk :lol:) does not. I am going to lease (my mother has Chrysler discount) my Limited if it ever gets here for a few reasons. One, being a new vehicle it has no track record so I am not sure what kind of problems I might have with it. Secondly, I am currently having a problem with my present car due to lack of use and rubber rot. Thirdly, I don't want to own a car beyond its warranty.

TIP: Chrysler dealers can sell a vehicle below invoice using the Chrysler discount if they choose. The lowest a GM dealer can go using a discount is invoice. Push your Jeep dealer to go below invoice as he won't voluntarily tell you that he can do that. Going below invoice will bring the lease cost down some.

TIP 2: The lease price your dealer is quoting you is from Chrysler Capital. He also has US Bank available to him and rumor has it he may also soon have Ally/Chrysler Financial available to him as well.


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